“Today’s hearing provided for a constructive discussion with economic leaders in South Carolina on job creation and the economy of rural communities, many of which have been left behind in our nation’s lukewarm recovery,” said Chairman Rice. “Unemployment in South Carolina, and in my district especially, differs significantly from county to county with a particular disparity between urban areas and rural areas. The testimony we heard today reaffirmed my belief that federal regulations and high taxes not only harm small businesses, but also place rural economies at a drastic disadvantage.”

The disparity of economic growth between urban and rural communities can be found in various states across America. A report by the National Association of Counties shows that about half of the nation’s counties are still short of their pre-recession economic output.

Materials from the hearing are available on the Committee’s website HERE.

Richard Kaglic, Regional Economist, Federal Bank of Richmond, Charlotte, NC said, “…the nation’s unemployment rate is currently at its lowest point since October 2008. Yet it’s still more than 2 percent higher than it was prior to the onset of the downturn, and other measures of duress in the labor markets (the incidence of long-term unemployment, involuntary part-time employment, discouraged workers, etc.) remain elevated. Moreover, there has been a disconcerting trend toward lower labor force participation. In fact, the nation’s labor force participation rate continued to fall even after the recovery began and today remains near the lowest it has been since the late 1970s. In South Carolina, similar trends have been evident and, most recently, even more pronounced.”